First Connecticut Bancorp, Inc. (FBNK) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of First Connecticut Bancorp, Inc. (NASDAQ:FBNK) from a buy rating to a hold rating in a research note issued to investors on Tuesday.
According to Zacks, “First Connecticut Bancorp Inc. is a banking company. Farmington Bank provides commercial, consumer and banking services to businesses, individuals and governments across Central Connecticut. It also offers residential mortgage loan services along with brokerage and investment advisory services. The Company’s consumer loans include installment, demand, revolving credit and collateral loans. Its installment and collateral consumer loans generally consist of loans on new and used automobiles, loans collateralized by deposit accounts and unsecured personal loans. “
Several other analysts also recently weighed in on the stock. Piper Jaffray Companies downgraded shares of First Connecticut Bancorp from an overweight rating to a neutral rating and set a $26.00 price objective on the stock. in a research report on Wednesday, June 14th. BidaskClub raised shares of First Connecticut Bancorp from a strong sell rating to a sell rating in a research note on Friday, August 25th. Finally, ValuEngine raised shares of First Connecticut Bancorp from a hold rating to a buy rating in a research note on Friday, September 1st.
Shares of First Connecticut Bancorp (NASDAQ:FBNK) traded up 0.9451% on Tuesday, reaching $23.7221. 2,185 shares of the company’s stock traded hands. The firm has a market capitalization of $358.94 million, a price-to-earnings ratio of 20.4325 and a beta of 0.67. First Connecticut Bancorp has a 52 week low of $16.58 and a 52 week high of $27.50. The company has a 50 day moving average price of $24.63 and a 200 day moving average price of $25.09.
First Connecticut Bancorp (NASDAQ:FBNK) last issued its quarterly earnings data on Friday, July 21st. The bank reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The firm had revenue of $23.70 million during the quarter, compared to the consensus estimate of $23.36 million. First Connecticut Bancorp had a net margin of 17.10% and a return on equity of 6.84%. On average, equities research analysts predict that First Connecticut Bancorp will post $1.36 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.14 per share. This is a boost from First Connecticut Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.56 annualized dividend and a yield of 2.38%. First Connecticut Bancorp’s dividend payout ratio (DPR) is presently 48.28%.
A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in First Connecticut Bancorp by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 562,763 shares of the bank’s stock valued at $13,956,000 after buying an additional 6,464 shares during the period. The Manufacturers Life Insurance Company increased its stake in First Connecticut Bancorp by 2.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 537,969 shares of the bank’s stock valued at $13,799,000 after buying an additional 12,542 shares during the period. Rutabaga Capital Management LLC MA increased its stake in First Connecticut Bancorp by 2.0% during the 1st quarter. Rutabaga Capital Management LLC MA now owns 437,222 shares of the bank’s stock valued at $10,843,000 after buying an additional 8,582 shares during the period. Dimensional Fund Advisors LP increased its stake in First Connecticut Bancorp by 8.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 390,596 shares of the bank’s stock valued at $10,019,000 after buying an additional 30,718 shares during the period. Finally, State Street Corp increased its stake in First Connecticut Bancorp by 8.1% during the 2nd quarter. State Street Corp now owns 314,924 shares of the bank’s stock valued at $8,079,000 after buying an additional 23,657 shares during the period. 49.03% of the stock is currently owned by hedge funds and other institutional investors.
First Connecticut Bancorp Company Profile
First Connecticut Bancorp, Inc (FCB) is a stock holding company. The Company operates through its subsidiary, Farmington Bank (the Bank), which is a full-service community bank with branch locations throughout central Connecticut and western Massachusetts. The Bank offers commercial and residential lending, as well as wealth management services.
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